Orvana Minerals (ORV.TO) has announced it produced just over 84,000 ounces of gold, 890,000 ounces of silver and just over 21 million pounds of copper in the financial year 2014 which ended in September. The AISC was approximately $1000/oz which is pretty decent given the countries Orvana is operating in and the technical problems occurring on the EVBC project.

For FY 2015, Orvana expects to produce between 82,000 and 94,000 ounces of gold, 20-23 million pounds of copper and 550,000-680,000 ounces of silver. No AISC guidance has been given, but we would expect a slight decrease towards $950/oz if the silver price rebounds a little bit. Orvana has made the final payment of the EVBC loan last month, and from now on the company could look forward to increase its net cash position and maybe add another asset to its project portfolio. With the net debt of $40M from last year being erased, Orvana is in an excellent position without any financial pressure to scoop up assets at fire sale prices.

> Click here to go to Orvana’s website

Disclosure: The author holds no position in Orvana but might initiate one at any time. Please see our disclaimer for current positions.

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